Ribo entry - Study guides, Class notes & Summaries

Which of the following provinces offer only government compulsory auto insurance? - British Columbia, Manitoba and Saskatchewan The definition of ordinary negligence? - Is the failure to do what a reasonable person would do in a given situation. A broker/agent is responsible for what? - Writing only those classes of business acceptable to his/her insurer. An insurance contract contains all of the elements of any other legal contract. One element that must also be contained in a valid co...

RIBO Exam Prep (2023/2024) Already Passed Implied Contract a contract that comes about from the actions of the parties Express Contract Terms have been specificity states and agreed upon by both parties Reinsurance insurance for insurance companies Frequency Percentage of what we insure. severity $ amount of the loss contract agreement between two or more parties void The policy never existed. Any premium received must be returned. legal entity/person Someone who can sue or be sued. tort...

Risk - Chance of a loss Which type of risk is insured and why? - Pure risk, because speculative risk is comparable to gambling. 3 Ways risk (management) is dealt with? - REDUCE: preventative measures ASSUME/RETAIN: Self-insure TRANSFER: purchase insurance Which of the following is not a risk? A) Assume or retain risk B) Reduce the risk C) Doing nothing / avoiding the risk D) Transfer the risk - C) Doing nothing / avoiding the risk Insurer - Insurance company Stock Insurance company...

RIBO Chapter 1 Questions and Answers Graded A What are the 5 functions of insurance? 1) Basis of Credit System 2) Loss Prevention/Loss Reduction 3) Eliminates Worry/Encourages Entrepreneurship 4) Spread of Risk 5) Source of Employment/Investment Capital What are the 5 Major Sections of an Agency/Broker Contract? 1) Broker's Authority 2) Ownership of Expirations 3) Commissions 4) Expenses 5) Termination What is Treaty Reinsurance? The insurer and reinsurer execute an insurance contract coverin...

Which of the following provinces offer only government compulsory auto insurance? - British Columbia, Manitoba and Saskatchewan The definition of ordinary negligence? - Is the failure to do what a reasonable person would do in a given situation. A broker/agent is responsible for what? - Writing only those classes of business acceptable to his/her insurer. An insurance contract contains all of the elements of any other legal contract. One element that must also be contained in a valid co...

RIBO: ENTRY LEVEL 1 Questions With 100% Correct Answers Risk - Answer Chance of a loss Which type of risk is insured and why? - Answer Pure risk, because speculative risk is comparable to gambling. 3 Ways risk (management) is dealt with? - Answer REDUCE: preventative measures ASSUME/RETAIN: Self-insure TRANSFER: purchase insurance Which of the following is not a risk? A) Assume or retain risk B) Reduce the risk C) Doing nothing / avoiding the risk D) Transfer the risk - A...

Which of the following provinces offer only government compulsory auto insurance? - British Columbia, Manitoba and Saskatchewan The definition of ordinary negligence? - Is the failure to do what a reasonable person would do in a given situation. A broker/agent is responsible for what? - Writing only those classes of business acceptable to his/her insurer. An insurance contract contains all of the elements of any other legal contract. One element that must also be contained in a valid c...

Risk - ️️Chance of a loss Which type of risk is insured and why? - ️️Pure risk, because speculative risk is comparable to gambling. 3 Ways risk (management) is dealt with? - ️️REDUCE: preventative measures ASSUME/RETAIN: Self-insure TRANSFER: purchase insurance Which of the following is not a risk? A) Assume or retain risk B) Reduce the risk C) Doing nothing / avoiding the risk D) Transfer the risk - ️️C) Doing nothing / avoiding the risk Insurer - ️️Insura...

Examination Questions and Answers in Basic Anatomy and Physiology 2400 Multiple Choice Questions 2nd Edition Martin Caon Examination Questions and Answers inology 2400 Multiple Choice Questions Second Examination Questions and Answers in Basic Anatomy and Physiology 2400 Multiple Choice Questions 2nd Edition Martin Caon TABLE OF Chapter 1 Organisation of the Body 1. Which of the listed terms is described by: “All the chemical processes that take place in the organelles and cytoplasm the cells ...